A main criticism of Bowles-Simpson had been that it was not written in legislative language -- which is where the rubber meets the road in terms of the details of any proposal.

Now, however, a legislative version is circulating among some members of Congress, who are offering feedback, Bowles said. The original 66-page report has morphed into a more than 600-page-bill.

Among the campaign's core principles is that any final debt-reduction plan must affect all parts of the budget, preserve economic growth and protect the needy, said Fix the Debt co-chair Ed Rendell, the former Democratic governor of Pennsylvania, at a press conference.

The idea is to make it safe for Republicans to consider raising more revenue without fear of political blowback and for Democrats to consider reducing entitlement and other spending.

"It's necessary to create an environment where it's not only good policy to sign such a plan but good politics as well," said Rendell, who will work alongside former Republican Sen. Judd Gregg, the campaign's other co-chair.

The Fix the Debt campaign has also created a CEO/Business Leaders Fiscal Leadership Council, to which more than 100 of the Fortune 500 companies have signed on, Bowles said.